SAND - Don't Look Now But These 3 Crypto Gaming Tokens Are Rocketing Higher Today
As the cryptocurrency market bounces off of this weekend's lows, investors are asking a very pertinent question: is this a dead cat bounce, or a sustainable rally off what could be the lows?
For crypto gaming tokens Axie Infinity (CRYPTO: AXS) , The Sandbox (CRYPTO: SAND) , and STEPN (CRYPTO:GMT) it's certainly an interesting question. That's because as of 11am ET, these three tokens have rocketed 10.3%, 7.8%, and 26% higher, respectively, over the past 24 hours.
This move in Axie Infinity appears to be an old-fashioned bounce off of highly oversold conditions. Both the AXS and SLP tokens, paid out as rewards to users playing the Axie Infinity play-to-earn game, have collapsed dramatically from their highs late last year. Deteriorating metrics for user count have exacerbated this decline, as profiteers move off this platform. It appears many in the community have viewed this "flushing out" of speculators as beneficial for the long-term prospects of this game.
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Don't Look Now, But These 3 Crypto Gaming Tokens Are Rocketing Higher Today